Business mogul Elon Musk has bought the microblogging platform Twitter for $ 44 billion after weeks of deliberation.
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a joint statement announcing the takeover.
The South African-born entrepreneur had secured $46.5 billion for the takeover and proposed $54.20 per share, causing Twitter’s 11 board members to backtrack on their initial position to fight off the acquisition and re-examine the bid.
Twitter board chair Bret Taylor said the body “conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing.”
“The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
